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When you buy a house for the first time, you might be nervous, anxious and excited, maybe all at once! Of course, buying your very first home is a big deal, and whether you're buying an apartment or a house, the thrill of finally owning your own home is certainly there. However, there are also a number of mistakes and missteps that every first-time buyer should avoid. So, if you're worried about making the right decision or not, our Beginner's Guide to Buying a House will help you review your decisions. Take your Requirements: When buying your first home, you should have a list of questions that need to be answered satisfactorily. If you have not really considered the details yet, let us explain some basic requirements that you should consider before proceeding to the next step: •Are you looking for a house or an apartment? •How many rooms do you need to comfortably accommodate your family? •Do you need additional rooms and for what purpose? •Do you feel comfortable with an open floor plan? •Would you like a prefabricated kitchen? These are just a few of the many questions you can think about at the beginning of the home buying process. Make a note of and answer them before considering the other factors listed in this guide for first-time buyers. DETERMINE THE LOCATION SPECIFICATIONS: The location of a property is usually the biggest selling point. There are, however, two aspects. One of these is the proximity of the future home or apartment to your workplace, the children's school and other basic amenities such as a business park. The other aspect is the neighborhood itself. Is it safe, fenced and guarded? Can you properly educate your children here? Is the neighborhood clean and well maintained? While you can only answer some of these questions when you visit the the property, you can always create a list of details that you would like to have in a particular location. Also, determine which area or location you want to live in, as this will help you narrow your search for the perfect home. Once this is done, continue with the next step in our Beginner's Guide to buying a house for the first time. Be Ready to Finance your Purchase: Buying your first home is a big investment and often requires a large down payment as well as the final payment in advance or in installments. For this, you either have to have sufficient savings or be prepared to take out a home loan from a bank. Evaluate your options and determine what is best for you in your particular scenario. When you make financial decisions at the beginning, you can set a budget and look for a house or apartment accordingly. Research the Real Estate Market Well: Now that you know which location is perfect for buying your new home, it's time to start searching. You can search online for real estate ads sites like jagahonline.com or physically visit brokers for that purpose. Online searches are usually more rewarding as they provide you with information even before you contact Real Estate Realtors. Finding the right and expert real estate expert to help you make purchasing decisions MAKE THE RIGHT QUESTIONS: Once your inspection is completed, all sorts of questions will be answered. You can ask some of your brokers and others from the previous homeowners (if any). Would you like to know more about a neighborhood? Ask the current neighbors. One question is always how long the current property is in the market. If a home has not been sold for far too long, this indicates important issues that may be hidden to the eye. NEVER ACCESS THE REQUEST PRICE: The next tip in our Guide for First Time Buyers is to never specify what kind of property is required. Start with lower and lower price than you would initially be prepared to pay for the place, and negotiate slowly with the seller until you can both negotiate a price that is affordable and profitable for you. DO NOT RATE TO A DECISION: After all, buying your first home is a big decision. Therefore, do not let circumstances, finances, or your real estate agents force you to make a decision that you are not entirely satisfied with. You buy this house and live in it with your family. You have to find the right place for the right price. This requires time, effort, research and, above all, patience. So do not hurry with the decision. Make your choice carefully, as you will probably not move soon.

Regardless of whether you buy or sell a property, a high-quality real estate agent is essential for a smooth flow. Find an agent with excellent references. Meet with agents to make sure all your questions are answered. Agents who charge very low costs or only work part-time may not be reliable. Only hire a broker if you know that he is the best buyer or seller, depending on your needs and preferences. Here are some of the features of a real estate agent that you should look for when looking for a real estate agent. Find Somebody That You Can Link With: There is a reason why you have to work to find the best real estate agent who understands your goals. Of course, it takes a lot of research, but the results are worth it. Once you've established a good relationship with an agent, it may be easier to share your needs with them without extra effort. Make The Right Questions: Asking questions is important to choose a real estate agent. Write down a list of frequently asked questions to ask your agent during the first interview. That's because asking questions is a necessary part of this process. Most people tend to forget that they are entitled to ask as many questions as they want before concluding a legal contract. It is crucial that a real estate agent can answer all your questions. How much experience do you have? Is this your full-time job or just a part-time job? How can you help buyers or sellers complete a business? How long does it take for the broker or company to buy or sell real estate in a particular area? How do you negotiate offers and counter offers? Can you provide references? Trust: Do not just rely on research to find the best real estate agent. Sometimes you just have to follow your natural instincts. Most people invest their lifelong savings into a real estate business. Therefore, it is important that you trust your own instincts before hiring an agent. Specialties: Real estate agents are valuable when you sell or buy a normal home or apartment. But you may be looking for a company/broker that specializes in a particular area if you find the best broker for a large, high-volume project. Qualities of Good Real Estate Agent: Selling or buying a property can be stressful. People are looking for real estate agents who are fast, attentive and resourceful. Good brokers and businesses do not keep their customers waiting, as they are determined to accelerate the buying or selling process without causing unnecessary delays. Commitment and commitment are among the top qualities of good real estate agents. Find Best Real Estate Agents on Jagah Online: A local representative can tell you a thing or two about the property you want to sell/buy in your desired area. But when it comes to so much money, you can make the most of your business by liaising with professionals who are up to date with the changing landscape in the industry and the emerging markets.

Cash is the alpha and omega of any transaction, but it is becoming increasingly important in the real estate sector. When it comes to selling our real estate to buyers, we all tend to find cash buyers who can pay a lump sum for our assets to do cash buyers a favor because cash purchases bring huge benefits, and not just that, but also some other reasons why sellers prefer to sell their property to cash buyers and get their money in one fell swoop. To complete a cash sale transaction, you only need a few days and you do not have to wait for the loan approval, which can be denied until the end. Now you need to know why sellers prefer cash buyers. Here's the question of how to find such buyers for your property. Let's summarize it in the following post. Think of References: There are many professionals in the market who are not real estate agents but have complete information about those willing to buy real estate. Let them know that you are selling your property, offer them a commission and see how they find cash buyers for you. Through Online Marketing: The best and fastest way to get an answer to your property is to advertise online. There are numerous online marketing tools, but it has been proven to promote real estate through a reliable online real estate portal like Jagah Online. It requires some experimentation and investment but is definitely cheaper than newspaper advertising or using a real estate agent. You can also run Google ads. Create a Network: They say that your net worth is equal to your network. And there are several wealthy individuals, investors, passionate homebuyers and professional home buyers. You just have to meet them and build a network with them. In addition to recommendations and without going real estate agents, you can get a buyer for your property. If you do not belong to such a network, you can join online real estate forums and groups to connect with such people.

Pakistan's real estate has grown tremendously over the last decade, causing every pro-investor to buy land or invest in real estate. If you have decided on real estate, you need to understand the process to make smart financial decisions and prevent yourself from being victimized by fraudulent agents and activities. Find the Property Value Yourself: Did you find a property that you noticed? If so, you need to determine the market value. You can check the real estate price online and contact various brokers to determine the market value of a particular property. I hope that after contacting various agents and conducting online research, you will be able to determine the true market value of your desired property. Choose the Experienced Agent: Most of you may not agree with this point, but it is true that you should not completely trust an agent. You can do online research on Jagah online to find the desired property. Also, remember that you can negotiate the price with the providers listed in the portal. If you do not regularly buy or sell real estate, you need to work with the professionals. Choose different real estate agents, check the references and commit yourself to take the lead. Negotiate with the Owner: Ask your real estate agent to arrange a meeting directly with the property owner. Never make a deal with the agent alone. Meet the real owner, check the ownership of the property and check the original remittance slip of the property. If the agent does not seem ready to arrange the meeting, just go away from the business. Once the price is fixed and the property is confirmed, you seal the deal with the security money that should not exceed Rs: 100,000. Avoid giving cash when you pay the property price. It is always better to prepare a money order. It's better to involve the bank to keep a transaction record than regret your decision later.

Who does not want to buy a house in Karachi? If you share the same desire, you are not alone, as several others sail the same boat in Pakistan. In addition, it is considered the best bet so you will find any other person who suggests investing your hard-earned money in real estate investments, especially in residential real estate. This is because you not only reassure yourself when you have your own home but also have additional sources of income for you when you rent it in advance. In these circumstances, where inflation has affected every sector and influenced the lifestyle of all, owning a home in Pakistan has become a challenging task. Solution of budgeting: You may have heard from people around you that you can only save money if you know your income and have full control of your expenses. In short, the secret of saving is in budgeting. This helps you to keep your expenses within the given budget. If you stick to the budget, you save enough to one day reach your goal. Experts say that if you are planning to buy a house for sale in Pakistan, you need to find out about your financial situation and then consider how much you can save. If you are not sure how to do it, you should save at least 30 to 40 percent of your income on serious purchases in the future. Decide what you want to need: If you can save for your favorite device, a pair of shoes or a dress, why cannot you save to buy a house? Law! If you are still not motivated and need more words to recover, then I would say set your goal and set the budget for your future; Experts recommend a savings account to which you should transfer the specified amount as soon as you are paid. Don’t avoid your wish: It is not easy to ignore every wish, even if you want to buy your own house. You will have to go the extra mile to save your hard-earned money for future purchases. You must negotiate all utilities and every additional cent that revolves around your rented accommodation. For example, save electricity, gas, and water to get lower monthly bills by the end of each month, and try to make as many cheap deals as possible. In addition, you should negotiate with your landlord about a rent reduction, if you intend to live longer in the specified house. The landlord has the certainty to rent his property for two or three years, and you can save money every month.

The time has come for those who were not paying taxes on their enormous wealth. Now the government of Pakistan has made it clear through their new law that every citizen who is an owner of a property is liable to declare its value and pay a certain amount of tax to the income tax authority. The last date of asset declaration under the amnesty scheme is 30th June 2019. After 30th June strict actions will be taken against those who have done a legal offense of not declaring their assets. According to the new finance bills, those who haven’t declared their properties according to the Benami Transaction (Prohibition) Act, 2017 and Income tax ordinance 2001 will be facing multiple types of penalties which are approved by the parliament of Pakistan. Section 182 of income tax ordinance has been revised and the finance bill for 2019 have shown a massive increase in the penalties which range from Rs. 25000 to Rs 100,000. Especially for those who are non-filers will be subjected to the payment of minimum Rs 40,000 due to non-filling of their tax returns. If a person has calculated their returns with errors and submitted it without correction will be penalized for the amount of Rs. 30,000 or more. Next, if a person was liable to furnish a return but failed to do so will be paying a penalty of 0.1% of the taxable income every week or amount of Rs. 100,000 whichever is higher until he is done with the submission. If the error in the calculation is repeated and this mistake is done in a single year than the person is subjected to pay a penalty of 3% or Rs. 30,000 whichever is higher. This penalty is charged on the person when the taxable amount is higher and tax payment is less than what it is supposed to be paid. According to the finance bill 2019, any person who is involved in the purchase of any immovable asset and it's market value is higher than 5 million rupees. In this case, if the payment is done through cash or bearer cheque then the person has to pay 5% as a penalty upon the property price determined by the government. For the offshore investment offense, the investor will be paying a penalty of Rs. 100,000 or 200% of the amount of tax for which the person was charged an offense. The payment will be done to the appellate tribunal under the income tax ordinance 2001. Movement of a property from a specified region or territory to any unspecified region or territory is also subjected for a penalty. The amount for such penalty is equal to Rs. 100,000 or 100% of the amount for the tax payment whichever is more will be paid to the income tax authority or the appellate tribunal. Finally, If any person is involved in any sort of offense of offshore tax hedging as an advisor or guide is subjected to a penalty of Rs. 300,000 or 200% of the amount of tax which was advised to be evaded, whichever is more. The amount of penalty will be submitted to the income tax authority or the appellate tribunal. Any person who is liable of filing a tax return and intentionally failed to do so or have submitted a return in which declared the value of assets are less than the fair market value is subjected as an evader of law. Under the income tax ordinance, all offenders and evaders will be penalized after the given date of submissions which is 30th, June 2019. No files will be entertained with the amnesty scheme and after that and heavy fines will be imposed on the offenders.

An alert for asset declaration before the end to amnesty scheme, Declared by Federal Board of Revenue The federal board of Revenue has demanded a declaration of assets through the asset declaration scheme. The scheme is in the form of amnesty, which means that the past offences of not paying taxes on the owned but undeclared properties or asset will be ignored. The ignorance is only granted for the past offences but once the asset is declared, the owner has to pay full tax for the current and upcoming years. The amnesty is granted in a way that a very reduced percentage of tax is subjected to be paid to the government without any additional fines or surcharges or penalties such as imprisonment. It has been disclosed by the Government of Pakistan that the federal board of revenue is fully aware of every misconduct that is going on. They have updated records of the property holders and in case someone is still not ready to gain benefit from the amnesty scheme of asset declaration will face trial and charges. The time limit has been issued and now it's an alert moment for those who are ready to declare their assets by using the benefit of asset declaration. Prime Minister of Pakistan has assured that the tax obtained from this scheme will be used to pay off heavy debt. He referred this debt as Quick Sand for Pakistan and the tax collected will help Pakistan to pull itself out from the depths of poverty. The last date for asset declaration through asset declaration scheme is 30th June 2019. In case any person failed to declare their assets on the given date will be subjected to a default surcharge for which the person will be liable otherwise strict action will be taken by the Federal Board of Revenue. According to the Federal Board of Revenue whoever is facing consequences due to the non-declaration of assets have to face full penalty with the payment of taxes at a full rate without any amnesty. As well as the person will be charged to the imprisonment of seven years or more under the Benami Transaction (Prohibition) Act, 2017 and up to five years of imprisonment under the act of Income-tax ordinance 2001. Tax is subjected to the fair market value of the asset and in case of any revision, the value of the asset cannot be decreased. In case the value is decreased the owner is subjected to pay tax on the previous amount that was relatively higher than the current amount. Benefits for the person who is declaring assets before 30th June under Amnesty Scheme: Ignorance on the past offences of not declaring assets, expenditure, and sales to the government. Ignorance on the past offence for not paying taxes to the government and a minimum tax rate will be applied to the declared value of assets. The subjected person will be safe from humiliation and penalties If a person is a non-resident of the state of Pakistan, he or she can still take advantage of the amnesty scheme and declare their assets. A person can declare their foreign assets and business under this scheme as well. NADRA has shared all of the details of every citizen to the federal board of revenue and database is available to be accessed by the citizen to check where they need to declare their assets or not. This is subjected to a fee of 500 Rs and any citizen can check up on their records from NADRA. The last date for the declaration of assets, expenditure, and transactions through the amnesty scheme is June 30th, 2019. No extensions are planned to be granted until now and whoever will delay will face charges and penalties. The declaration will be done according to the act of Income-tax ordinance 2001 and Benami Transaction (Prohibition) Act, 2017. The declaration of assets can include the justification of sources of finance as well.

Is It Possible To Have Property Lawyer To Manage The Entire Property Selling Or Buying Procedure? How Much Do Property Lawyers Cost? Is it possible to work with a property lawyer for the entire property buying or selling process? Yes it is possible and we highly recommend you to hire a professional and skilled lawyer for the procedure. Many homebuyers, specially the first time buyers, consider having a real estate agent enough for a successful and stress free residential or commercial property selling and buying. However, if you know someone who has been through these matters will most likely suggest you to hire a property lawyer for the purpose. In Karachi, Lahore and Islamabad, you will find a number of good property lawyers that are professional and experienced of handling real estate matters. You can do the job yourself also, after all it needs is to advertise about your required property or contact a consultant for it and wait for the right offer. However, remember that real estate matters can be tricky to understand and handle and the process can be quite time and efforts consuming as well. Many people have tried to do it themselves and where you will find successful examples; you will also find cases where people end up buying defaulted properties and facing the consequences. Especially in Karachi, Lahore and Islamabad, where there is a huge number of such cases, hiring a professional property attorney is a must. Some benefits of hiring a property lawyer for your real estate transactions are; 1. They are Experienced and Skilled Probably the most crucial advantage of working with a property lawyer is that they are highly skilled at handling such matters. Attorneys gain the experience and skill with tough training and exposure to different kinds of cases, which give them insight into the matters that a common person is unaware of. Every man is skilled at something and a property attorney is skilled at helping you deal with your property matters and this you must accept. Instead of trying to handle the selling and buying of your property yourself and taking the risk of landing into any trouble, it is better to leave all this to a professional. 2. They know the Legal Technicalities Property documents are filled with legal jargons that are quite difficult to understand and chances are that you will end up signing the papers without properly understanding them. A property lawyer will help you understand all the terms of the contract and aware of any pitfalls that may end up you into any possible property rifts. In Karachi, Lahore and Islamabad there have been many cases in which people mistakenly bought conflicted properties and spent thousands of rupees in lawsuit. Therefore, it is important and safe to employ a legal resource to prevent any such situation. 3. They know how to inspect the Property No property transactions are complete without detailed property inspection and research. Property research includes checking for the property title claims or any other conflicts that can adversely affect your real estate matter. No matter if you are buying the house or shop from an individual seller or in a housing scheme, keeping a property attorney at the base of everything is key to success. Many buyers in Karachi, Lahore and Islamabad that are cheated by con agents and sellers bought land with multiple title claims or liabilities due to which their money is wasted and they end up in serious trouble. A skilled property lawyer will research the property in terms of title, liens and liabilities, bank loans, contactor claims or anything that could be a hurdle for you. 4. They help with Complex Contracts Property purchase involves a number of important steps and procedure like preparing and getting the sale deed, purchase agreement, signing the title claim and other documents etc. In case of buying a property in a housing society, checking documents and certificates like the buyer builder agreement and payments terms along with other documents is a part of the process and can affect you in many ways. This process of understanding the property papers can be even difficult if you are buying it from a company that has multiple partners or is a trust or corporation as the negotiations and terms and conditions would be lot more complex. A property attorney will know which papers to check and tell you the terms and conditions in simple language and do the changes if something is not right. 5. They help with Proper Closing Closing of the deal involves many steps and is equally important as the buying process itself. Many buyers are in a rush of just paying the price and getting the possession of the property and this is where con sellers and property agents take advantage. Proper closing of the deal saves you from future liabilities and miscalculations. Closing of the deal includes making new property papers, transferring of the title from the seller to the buyer, paying of the property price, appearing in front of the registrar and land records officer and a closing statement that details about the price of the property, handling and taking over by the parties. Without a professional resource like a property lawyer, you run the risk of not understanding the process properly and landing into some future trouble. 6. They make the Process Stress Free Hiring a property attorney will make the whole process easy and stress free, at least for you. Just imagine all the work and efforts that you will have to put into the process and that also without any expert knowledge. Finding the right property, finding the right and legal seller, doing the paper work, understanding the legalities and doing numerous other tasks while still being unsure if you have not missed anything. A legal attorney is fully capable of taking care of this entire in a lot better manner and you can be absolutely sure that nothing is left unattended. How much do property lawyers cost? Now this is the question that anyone who is looking for a property lawyer has in its mind, how much will it cost to hire a property attorney? It depends. Lawyers’ services charges depends and varies from city to city and from case to case also’ where a lawyer charges few thousand rupees in a small town, village or city, the fee can go higher in cities like Karachi, Lahore and Islamabad. Second, it also depends on the complexity of the matter, a simple case will charge less than a complex or conflicted land case. About Jagahonline.com Looking for a great residential or commercial property? Jagah Online lists properties from a number of real estate agents and property managers who are looking for serious buyers. We have houses, land, flats and shops at prime locations from where you can choose the best property for yourself. Browse through the available properties

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